Sparebanken Vest (0G67) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Welcome to the presentation of Sparbank Invest's first quarter of 2025. As usual, you can send in questions on the way to this email address. We will try to answer as many questions as possible in the Q&A sequence after the presentation. We are very pleased with the first quarter. We delivered a one-capital transfer rate of 21.3%. It is on the same level as we had in the first quarter last year. We are very well capitalized. We are at 17.9%. And we have a cost percentage, including fusion costs, of 27.7%. If we look at the inflation costs, it is at 25.2, and we also have the consolidation of Borea in this quarter, which we did not have in the same quarter last year. The cost of income for Borea is around 70, so that is also a lot to increase. If we had not had this change, we would have been even lower than 25.2. Low costs are important for competitiveness, important also for good profitability in the savings market. We have a good track record now. We have shown this over many quarter presentations. This is the development and the return on investment on average from 2012 to 2024, where we have talked to all banks. Now you can see that we are at the top with 13.7% on average in the return on investment during this period. This is best in class if you look at Norwegian banks. And we also have a long track record from 2013 and up to now, where we have delivered on the one capital reduction target. It has changed a little in the period, it has increased from 11 to 13. But in all these years, we have been on or above the one capital reduction target, and we also see that it implicitly means that we have relatively low volatility in our results. We are a bank with low risk and small swings compared to other comparable banks. And you can also see in this picture that we h...